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Invoice Reconciliation

Reconciliation happens when there are outstanding receipts and outstanding invoices. Invoices are compared with these receipts and reconciled.

Fusion Cash Management (FCM) supports reconciliation of the invoices through various kinds of receipts, such as inward credits, outward collections, credit notes, debit notes, bulk payments, direct debits and buyer loans. It provides facility to define reconciliation priority, in case a receipt is reconciling with multiple invoices. System allows setting a high priority to reconcile financed invoices than to non-financed invoices.

Some of the basic rules for this comparison are as follows:

•       The payer and beneficiary of the invoice and receipt should be same.

•       The currency code of the receipt and the invoice should be same.

One receipt can get reconciled with multiple invoices and one invoice can get reconciled with multiple receipts.

Manual Reconciliation

Manual Reconciliation

FCM also allows you to perform manual reconciliation using the Reconciliation Center if you want invoices to be reconciled before the EOD process runs. The three-step reconciliation process is detailed as follow:

1.     Matching and confirm the matching.

2.     Approving the matching.

3.     Closing the invoice.

To manually reconcile an invoice

1.     Navigate to SCF.

2.     Click Invoice Recon >> Invoice. The Invoice Recon/Invoice page displays the list of all invoices that are paid.

3.     Select Manual Match from Select dropdown corresponding to the required invoice that you want to reconcile. The Manual Match-Invoice page is displayed.

4.     Specify the following details:

•       Receipt Number: Specify a valid receipt reference for the invoice.

•       Match Amount: Specify the match amount. After you type the amount, the Save and Save and Confirm buttons are enabled.

•       Reference: Specify the payment reference matching the invoice reference number.

•       Network Charges: Specify the net banking invoice payment charges.

•       Remark: Specify the additional information based on which the reconciliation is done.

5.     Click Save or Save and Confirm to save the details.

6.     Click the icon to view the receipt and matching details.

While matching, the user can specify an amount up to the Outstanding Invoice Amount or Outstanding Receipt Amount whichever is less.

Reconciliation Center also provides the user a view of all the invoices, receipts and the reconciliation information about them.

Following is example of Manual Match-Invoice:

Where to go from here

         Approving a reconciliation